APEX sprl: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
APEX sprl
Largest movements
- Cash +€38,793
up €38,793 (+244%), from €15,915 to €54,707
mainly Net result for the year (+€35,363) and Depreciation (+€32,570)
- Tangible fixed assets -€31,216
down €31,216 (-27.1%), from €115,251 to €84,035
of which Furniture and vehicles: -€30,218
- Receivables within one year -€22,662
down €22,662 (-40.0%), from €56,626 to €33,964
of which Trade receivables: -€22,505
- Debts after one year -€16,581
down €16,581 (-26.0%), from €63,789 to €47,208
- Other debts -€8,650
down €8,650 (-19.7%), from €44,014 to €35,363
- Trade debts +€7,121
up €7,121 (+27.9%), from €25,536 to €32,657
- Other operating charges -€35,828
down €35,828 (-95.5%), from €37,526 to €1,698
- Gross operating margin +€22,766
up €22,766 (+34.5%), from €65,952 to €88,718
- Depreciation +€19,198
up €19,198 (+144%), from €13,372 to €32,570
- Taxes +€8,937
up €8,937 (+125%), from €7,147 to €16,084
- Financial charges +€1,467
up €1,467 (+95.6%), from €1,535 to €3,003
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €189,670 | €173,863 | -€15,807 | -8.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €115,251 | €84,035 | -€31,216 | -27.1% |
| Tangible fixed assets | 22/27 | €115,251 | €84,035 | -€31,216 | -27.1% |
| Furniture and vehicles | 24 | €113,255 | €83,037 | -€30,218 | -26.7% |
| Other tangible fixed assets | 26 | €1,996 | €998 | -€998 | -50.0% |
| Current assets | 29/58 | €74,419 | €89,828 | +€15,409 | +20.7% |
| Amounts receivable within one year | 40/41 | €56,626 | €33,964 | -€22,662 | -40.0% |
| Trade receivables | 40 | €56,325 | €33,820 | -€22,505 | -40.0% |
| Other amounts receivable | 41 | €300 | €144 | -€157 | -52.1% |
| Cash at bank and in hand | 54/58 | €15,915 | €54,707 | +€38,793 | +244% |
| Deferred charges and accrued income | 490/1 | €1,879 | €1,157 | -€722 | -38.4% |
| Total equity and liabilities | 10/49 | €189,670 | €173,863 | -€15,807 | -8.3% |
| Equity | 10/15 | €20,460 | €20,460 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €0 | - | = | |
| Issued capital | 100 | €0 | - | = | |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Amounts payable | 17/49 | €169,210 | €153,403 | -€15,807 | -9.3% |
| Amounts payable after more than one year | 17 | €63,789 | €47,208 | -€16,581 | -26.0% |
| Financial debts | 170/4 | €63,789 | €47,208 | -€16,581 | -26.0% |
| Amounts payable within one year | 42/48 | €103,421 | €103,773 | +€352 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €16,002 | €16,581 | +€579 | +3.6% |
| Trade debts | 44 | €25,536 | €32,657 | +€7,121 | +27.9% |
| Suppliers | 440/4 | €25,536 | €32,657 | +€7,121 | +27.9% |
| Taxes, remuneration and social security | 45 | €17,869 | €19,172 | +€1,303 | +7.3% |
| Taxes | 450/3 | €16,029 | €17,332 | +€1,303 | +8.1% |
| Remuneration and social security | 454/9 | €1,840 | €1,840 | = | 0.0% |
| Other amounts payable | 47/48 | €44,014 | €35,363 | -€8,650 | -19.7% |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,422 | +€422 | +21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,372 | €32,570 | +€19,198 | +144% |
| Other operating charges | 640/8 | €37,526 | €1,698 | -€35,828 | -95.5% |
| Gross operating margin | 9900 | €65,952 | €88,718 | +€22,766 | +34.5% |
| Operating profit (loss) | 9901 | €15,054 | €54,450 | +€39,396 | +262% |
| Financial charges | 65/66B | €1,535 | €3,003 | +€1,467 | +95.6% |
| Recurring financial charges | 65 | €1,535 | €3,003 | +€1,467 | +95.6% |
| Profit (loss) for the period before taxes | 9903 | €13,518 | €51,447 | +€37,929 | +281% |
| Income taxes | 67/77 | €7,147 | €16,084 | +€8,937 | +125% |
| Profit (loss) for the period | 9904 | €6,371 | €35,363 | +€28,992 | +455% |
| Profit (loss) for the period to be appropriated | 9905 | €6,371 | €35,363 | +€28,992 | +455% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.